Newsletters
November 2006
New Regulations: 2006 and Looking Ahead
As 2006 comes to an end, it’s a good time to review some of the new laws that went into effect this year, and to take a look at new legislation that may be on the horizon.
New Laws This Year
OFAC Expanded On
April 12, 2006, OFAC expanded its “black list” with the addition of the “Non-Specialty Designated Nationals (SDN) Palestinian Legislative Council” (NS-PLC). This new watch list is comprised of individuals elected to the Palestinian National Authority on the party slate of terrorist organizations, including Hamas.
To help ease our customers’ compliance efforts, this list is now automatically included in First Advantage CREDCO’s ProScan OFAC screening at no extra cost.
Car Buyers Bill of Rights (California Law)
On July 1, 2006, the California Car Buyers Bill of Rights went into effect. The law requires all California dealers to deliver a Credit Score Disclosure Notice – prior to the sale or lease of the vehicle – whenever a credit report is ordered. While this currently only applies to California dealers, a number of other states are already drafting similar legislation.
To help California dealers remain compliant, First Advantage CREDCO offers this service FREE to all customers.
What's Coming: Red Flag Ruling - ID Theft Program
In May 2006, the federal banking agencies and the FTC approved for publication proposed rules regarding “Red Flag” guidelines. The proposed guidelines would require dealers to establish a written, risk-based program designed to address the risk of identity theft to customers. If approved, the Red Flag Program would require dealers to address financial, operational, compliance, reputation and litigation risks, including policies and procedures to:
- Identify Red Flags
- Verify the identity of persons applying for credit
- Mitigate the risk of identity theft using a risk-based approach
- Train staff to implement an identity theft program
First Advantage CREDCO offers easily integrated solutions, which are designed to help you prevent identity fraud and vehicle theft, and the associated losses, before they happen.
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